LONDON -- European markets rose Tuesday morning as investors celebrated the early end of the Italian auction for third-generation mobile-phone licenses by buying telecom shares. By midday, the
was up 82.4 points to 6398.3, the
in Paris was up 116.5 points to 6298.8 and the
in Frankfurt was up 150.5 points to 6771.4.
The Italian auction for 3G licenses ended abruptly on Monday after only two days when
and its partners in the
pulled out of the auction following a major spat about the levels of shareholding within the group. The total bid for the five licenses was only $10 billion, far short of the $25 billion the Italian government was hoping for. The government is, needless to say, apopletic and is making threats, which include suing Blu and withholding its $1.7 billion deposit.
On the Continent, major gainers included
, up 10.4% to 25.40 euros ($21.340);
, up 7.2% to 42.33 euros;
, up 5.4% to 118.00 euros; and
, up 4.9% to 22.65 euros.
Despite the threats and a downgrade by
, BT shares bounced strongly from a session low of 690p to stand up 40p at 747 ($10.83).
also looked firm as it made a determined effort to breach resistance around 284p. The shares were up 3.5p to 284.5.
In the tech sector, the
was up 59 points to 3486.
fell to an early low of 240p, but recouped some of the losses to stand down 9p at 275.5.
also fell before bouncing to stand just 3p lower at 676.
Oil stocks were better.
gained 7p to 623, while
put on 4.5p to 592.5.
In the media sector,
rose 61p to
13.33 after announcing that it has formed a online foreign exchange venture with